Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698930739761.pdf (New Zealand)
Reprint as at 1 December 2014 Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Regulations 2011 (SR 2011/223) Anand Satyanand, Governor-General Order in Council At Wellington this 27th day of June 2011 Present: His Excellency the Governor-General in Council Pursuant to sections 153 and 154 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 and section 56(1)(e) of the Financial Transactions Reporting Act 1996, His Excellency the Governor-General makes the following regulations acting— (a) on the advice and with the consent of the Executive Council; and in relation to regulations made under section 154 of the Anti- Money Laundering and Countering Financing of Terrorism Act 2009, on the recommendation of the Minister (as defined (b) Note Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.
Note 4 at the end of this reprint provides a list of the amendments incorporated.

These regulations are administered by the Ministry of Justice.

1 Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Regulations 2011 Reprinted as at 1 December 2014 by section 5 of that Act) made in accordance with section 154(2) and (3) of that Act.
Contents Title Commencement Expiry Interpretation Classes of transactions [Revoked] Wire transfers of $1,000 or less exempt from sections 27 and 28 of Act [Revoked] Occasional transactions exempt from certain requirements relating to address information Certain transactions in casinos exempt from section 49 of Act Transactions that are not occasional transactions or wire transfers exempt from section 49(2)(d) of Act Certain currency exchange transactions in hotels, etc Classes of services Relevant services provided in respect of certain remittance card facilities Relevant services provided in respect of insurance policies that are closed to new customers and new premiums Relevant services provided in respect of pure risk-based insurance policies Relevant services provided by non-finance business in respect of certain types of credit Relevant services provided in respect of certain loyalty schemes Relevant services provided in respect of certain stored value instruments Relevant services provided to related entities Relevant services provided under premium funding agreement by insurance company Relevant services provided under premium funding agreement by non-insurance company Relevant services provided in respect of certain low-value life insurance policies Page Reprinted as at 1 December 2014 Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Regulations 2011 20 20A 21 22 23 24 Relevant services provided in respect of certain superannuation schemes Relevant services provided in respect of certain employer superannuation schemes Securities registry services Debt collection services Relevant services provided in respect of overseas pension bank accounts Relevant services provided in respect of trust accounts or client funds accounts 25 Consequential revocations Revocations r 4 14 15 17 17 17 18 18 1 2 3 4 Regulations Title These regulations are the Anti-Money Laundering and Coun- tering Financing of Terrorism (Exemptions) Regulations 2011.
Commencement These regulations come into force on 30 June 2013.

Expiry These regulations expire on the close of 29 June 2018.
Interpretation In these regulations, unless the context otherwise requires,— Act means the Anti-Money Laundering and Countering Finan- cing of Terrorism Act 2009 financial activity means any financial activity referred to in paragraph (a)(i) to (xiii) of the definition of financial institution in section 5 of the Act pre-transition KiwiSaver scheme means a KiwiSaver scheme that continues to be registered in the KiwiSaver schemes register under clause 18(1)(a) of Schedule 4 of the Financial Markets Conduct Act 2013 pre-transition superannuation scheme means a superannu- ation scheme that continues to be registered under the Super- 3 r 5 Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Regulations 2011 Reprinted as at 1 December 2014 annuation Schemes Act 1989 under clause 18(1)(b) of Sched- ule 4 of the Financial Markets Conduct Act 2013 relevant service means,— (a) in relation to a financial institution, services provided by the financial institution in the course of carrying out a financial activity; and in relation to a reporting entity that is not a financial in- stitution, services provided by the reporting entity in the course of carrying out an activity (including, to avoid doubt, a financial activity) that attracts any obligations under the Act or any regulations made under the Act (b) superannuation scheme— (a) (b) has the same meaning as in section 6(1) of the Financial Markets Conduct Act 2013; and includes a pre-transition KiwiSaver scheme and a pre- transition superannuation scheme.
Regulation 4 pre-transition KiwiSaver scheme: inserted, on 1 December 2014, by regulation 4 of the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2014 (LI 2014/323).

Regulation 4 pre-transition superannuation scheme: inserted, on 1 December 2014, by regulation 4 of the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2014 (LI 2014/323).
Regulation 4 superannuation scheme: inserted, on 1 December 2014, by regu- lation 4 of the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2014 (LI 2014/323).

Classes of transactions [Revoked] Heading: revoked, on 30 June 2013, by regulation 4 of the Anti-Money Laun- dering and Countering Financing of Terrorism (Exemptions) Amendment Regu- lations 2013 (SR 2013/231).
Wire transfers of $1,000 or less exempt from sections 27 and 28 of Act [Revoked] Regulation 5: revoked, on 30 June 2013, by regulation 4 of the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2013 (SR 2013/231).
5 4 Reprinted as at 1 December 2014 Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Regulations 2011 r 8 6 7 (1) Occasional transactions exempt from certain requirements relating to address information An occasional transaction is exempt from sections 16 and 24 of the Act so far as those provisions relate to the collection of information, under section 15(d) of the Act, about a person’s address or registered office.
Certain transactions in casinos exempt from section 49 of Act This regulation applies to 1 or more of the following transac- tions that take place at the cashier of a casino or at a gaming table in a casino: (a) (b) (c) the purchase of chips or tokens below $6,000: the redemption of chips or tokens below $6,000: the exchange of coins below $6,000 into different de- nominations of the same currency: the exchange of notes below $6,000 into different de- nominations of the same currency.
(d) (2) A transaction to which this regulation applies is exempt from (3) 8 (1) section 49(2) of the Act.

To avoid doubt, the exemption in subclause (2) does not affect a reporting entity’s duty to carry out customer due diligence in accordance with subpart 1 of Part 2 of the Act or keep records in accordance with section 50 or 51 of the Act.
Regulation 7 heading: amended, on 30 June 2013, by regulation 5(1) of the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2013 (SR 2013/231).

Regulation 7(1): replaced, on 30 June 2013, by regulation 5(2) of the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2013 (SR 2013/231).
Transactions that are not occasional transactions or wire transfers exempt from section 49(2)(d) of Act This regulation applies to a transaction— (a) that occurs outside of a business relationship but is not an occasional transaction; and that is not a wire transfer of more than $1,000.

(b) (2) A transaction to which this regulation applies is exempt from section 49(2)(d) of the Act.
5 r 9 (3) 9 (1) Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Regulations 2011 Reprinted as at 1 December 2014 To avoid doubt, the exemption in subclause (2) does not affect a reporting entity’s duty to carry out customer due diligence in accordance with subpart 1 of Part 2 of the Act or keep records in accordance with section 50 or 51 of the Act.
Certain currency exchange transactions in hotels, etc This regulation applies to a currency exchange transaction that— (a) (b) does not exceed $1,000; and is undertaken by a provider of hotel accommodation or any other accommodation.

(2) A transaction to which this regulation applies is exempt from the provisions of the Act except— (a) subpart 2 of Part 2; and (b) where the transaction is relevant to a suspicious trans- action report, section 49(1) and (2)(a) to (f); and sections 92 to 100.
(c) Classes of services Relevant services provided in respect of certain remittance card facilities This regulation applies to a relevant service provided in re- spect of a remittance card facility in respect of which all of the following apply: (a) the identity of the principal facility holder of the remit- tance card facility is verified in accordance with the Act: the remittance card facility is one on which transactions may not be made by means of a cheque: the remittance card facility cannot operate with a debit balance: a financial institution may only have 2 cards on issue at any one time in respect of a remittance card facility, one of which is held by the principal facility holder and the other is held by 1 other person (the second cardholder): in any consecutive 12-month period, the aggregated value of the transactions involving payments from the remittance card facility does not exceed $9,999.99: (b) (c) (d) (e) 10 (1) 6 Reprinted as at 1 December 2014 Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Regulations 2011 r 10 (f) (g) (h) (i) (j) (k) (l) the maximum balance of the remittance card facility does not exceed $9,999.99: the remittance card facility’s terms and conditions must include the conditions set out in paragraphs (e) and (f): the principal facility holder acknowledges in writing that— (i) the principal purpose of the remittance card facil- ity is the withdrawal of cash from an automatic teller machine outside New Zealand or the trans- fer of value or withdrawal of cash at a point of sale outside New Zealand; and at the time the remittance card facility is estab- lished, the second cardholder is not resident in New Zealand: (ii) the principal facility holder does not hold more than 1 remittance card facility with any 1 financial institution in any period of 12 consecutive months: the financial institution, in accordance with the Act, keeps all records that are reasonably necessary to— (i) identify the name and address of the second card- holder; and establish that the second cardholder is not resi- dent in New Zealand: (ii) payments into the remittance card facility can only be made in New Zealand: the financial institution offering the remittance card fa- cility conducts, in respect of the remittance card facil- ity, ongoing customer due diligence and monitoring of transactions in accordance with subpart 1 of Part 2 of the Act.
(2) A relevant service to which this regulation applies is exempt subpart 2 of Part 2 ; and from the provisions of the Act except— (a) (b) where the transaction is relevant to a suspicious trans- action report, section 49(1) and (2)(a) to (f); and sections 92 to 100.
(c) For the purposes of this regulation,— principal facility holder, in relation to a facility, means the fa- cility holder or facility holders whom that financial institution (3) 7 r 11 Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Regulations 2011 Reprinted as at 1 December 2014 reasonably regards, for the time being, as principally respon- sible for the administration of that facility remittance card facility means a facility that— (a) has as its principal purpose the withdrawal of cash from an automatic teller machine outside New Zealand or the transfer of value or withdrawal of cash at a point of sale outside New Zealand; and is accessed by means of a portable device in the form of a card that can operate on an international automatic teller machine and electronic funds transfer at point of sale network.
(b) 11 (1) Relevant services provided in respect of insurance policies that are closed to new customers and new premiums This regulation applies to a relevant service provided in re- spect of an insurance policy that is closed to new premiums (excluding premiums that have been contractually agreed) and is part of a class or type of insurance policy that is closed to new customers.

(2) A relevant service to which this regulation applies is exempt (3) from all of the provisions of the Act.
For the purposes of this regulation, premiums that have been contractually agreed— (a) means those premiums that are contractually agreed to (b) (c) be paid periodically over the life of the contract; and includes catch-up payments when premiums have been in arrears; but excludes premiums paid more than 1 year in advance or additional lump-sum payments.
12 (1) Relevant services provided in respect of pure risk-based insurance policies This regulation applies to a relevant service provided in re- spect of a pure risk-based insurance policy.

(2) A relevant service to which this regulation applies is exempt from all of the provisions of the Act.
For the purposes of this regulation, pure risk-based insur- ance policy means a contract of insurance— (3) 8 Reprinted as at 1 December 2014 Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Regulations 2011 r 13 (a) (b) for the payment of money on the happening of a contin- gency, other than a contingency dependent on the con- tinuance of human life; and that does not and never will have a value on its cancel- lation or surrender that is greater than the value of an unexpired premium relating to a period after the date of cancellation or surrender.
13 (1) Relevant services provided by non-finance business in respect of certain types of credit This regulation applies to a relevant service provided in re- spect of the provision of credit in the ordinary course of a non-finance business by one person (person A) to another per- son (person B) if— (a) the provision of credit to person B— (i) (ii) is not provided under a credit contract; or is provided under a credit contract that is inciden- tal to the supply of goods or services, or both, by person A to person B; or (b) the credit contract to which the provision of credit re- lates is assigned by person A in the ordinary course of the non-finance business within 1 working day of pro- viding the credit to person B under the credit contract.
(2) A relevant service to which this regulation applies is exempt (3) from all of the provisions of the Act.

For the purposes of this regulation,— credit contract has the same meaning as in section 4 of the Financial Service Providers (Registration and Dispute Reso- lution) Act 2008 non-finance business means a person whose only or princi- pal business is the provision of goods or services that are not relevant services.
Regulation 13 heading: amended, on 30 June 2013, by regulation 6(1) of the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2013 (SR 2013/231).

Regulation 13(1): replaced, on 30 June 2013, by regulation 6(2) of the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2013 (SR 2013/231).
9 r 14 14 (1) Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Regulations 2011 Reprinted as at 1 December 2014 Relevant services provided in respect of certain loyalty schemes This regulation applies to a relevant service provided in re- spect of a loyalty scheme.

(2) A relevant service to which this regulation applies is exempt from all of the provisions of the Act.
For the purposes of this regulation,— loyalty scheme means a facility by which a person may make non-cash payments and to which all of the following apply: (a) (b) (c) the facility is issued under a scheme whose only or prin- cipal purpose is to promote the acquisition of goods or services from 1 or more non-finance businesses; and a member of the scheme is allocated credits under the facility (however described and whether or not a mon- etary value is expressly attributed to those credits) as a result of the acquisition of goods or services from the non-finance business or businesses (the stored value); and the stored value— (i) can be used to make a non-cash payment for goods or services, or to obtain some other bene- fit, only from 1 or more non-finance businesses; but cannot be withdrawn in cash (ii) make non-cash payments means to make payments, or cause payments to be made, other than by the physical delivery of cash non-finance business has the meaning set out in regulation 13(3) provide includes to offer to provide.
In this regulation, acquisition,— (a) in relation to goods, means acquiring goods by way of gift, sale, exchange, lease, hire, or hire purchase; and in relation to services, includes accepting a service.

(b) Regulation 14(3) loyalty scheme paragraph (a): amended, on 30 June 2013, by regulation 7(1) of the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2013 (SR 2013/231).
(3) (4) 10 Reprinted as at 1 December 2014 Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Regulations 2011 r 15 Regulation 14(3) loyalty scheme paragraph (b): amended, on 30 June 2013, by regulation 7(2) of the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2013 (SR 2013/231).
Regulation 14(4): inserted, on 30 June 2013, by regulation 7(3) of the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2013 (SR 2013/231).
15 (1) Relevant services provided in respect of certain stored value instruments This regulation applies to a relevant service provided in re- spect of a stored value instrument that— (a) has a maximum possible value at any one time of less than,— (i) if the stored value instrument is redeemable for cash, $1,000: if the stored value instrument is not redeemable for cash, $5,000; and (ii) (b) (c) is not capable of being reloaded with $10,000 or more in any consecutive 12-month period; and is not capable of being reloaded directly through trans- fer from an account held at a financial institution that is— (i) (ii) unregulated for AML/CFT purposes; or located in a country with insufficient money laun- dering and countering financing of terrorism sys- tems and measures.
(2) A relevant service to which this regulation applies is exempt (3) from all of the provisions of the Act.
For the purposes of this regulation,— debit card means an instrument that can be used to withdraw cash or make payments by debiting an account held at a finan- cial institution gift facility has the same meaning as in regulation 9(2) of the Financial Service Providers (Exemptions) Regulations 2010 stored value instrument— (a) means a portable device, including a gift facility, that is capable of storing monetary value in a form that is not physical currency, regardless of whether the device is reloadable or able to be redeemed for cash; and 11 r 16 (b) Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Regulations 2011 Reprinted as at 1 December 2014 includes— (i) (ii) a portable device whose value, or associated value, is transferable to a third party or able to be remitted; and any account or other arrangement associated with the value stored on the device; but (c) does not include a credit card or a debit card.
Regulation 15: replaced, on 30 June 2013, by regulation 8 of the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2013 (SR 2013/231).

16 (1) Relevant services provided to related entities This regulation applies to a relevant service that is provided by a reporting entity to a person, where the reporting entity and the recipient of the service are related within the meaning of section 12(2) of the Financial Markets Conduct Act 2013.
(2) A relevant service to which this regulation applies is exempt from all of the provisions of the Act.

Regulation 16(1): amended, on 1 December 2014, by section 150 of the Finan- cial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
17 (1) Relevant services provided under premium funding agreement by insurance company This regulation applies to a relevant service provided under a premium funding agreement that is— (a) (b) provided by an insurance company; and associated with an insurance policy that is issued by that insurance company.

(2) A relevant service to which this regulation applies is exempt from all of the provisions of the Act.
For the purposes of this regulation and regulation 18, pre- mium funding agreement means an agreement under which— (a) a person agrees to make a loan to the customer to be applied— (i) against an amount payable for premiums under a policy of insurance that to AML/CFT requirements; or is not subject (3) 12 Reprinted as at 1 December 2014 Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Regulations 2011 r 19 (ii) against an amount payable in connection with such a policy (including, but not limited to, fees for advice or services provided in connection with such a policy and taxes payable in connec- tion with such a policy); and (b) if the loan is not provided by the insurer, the person obtains from the customer, as security for payment of the loan, 1 or more of the following: (i) an assignment of the customer’s interest in the policy: an assignment of all amounts payable under the policy: a power of attorney that must provide the right to cancel the policy.
(ii) (iii) 18 (1) Relevant services provided under premium funding agreement by non-insurance company This regulation applies to a relevant service provided under a premium funding agreement that is not provided by an insur- ance company.

(2) A relevant service to which this regulation applies is exempt from sections 14 to 26 of the Act.
amended, on 30 June 2013, by regulation 9 of the Regulation 18(2): Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2013 (SR 2013/231).

19 (1) Relevant services provided in respect of certain low-value life insurance policies Subclause (2) applies to a relevant service provided in respect of promoting, facilitating, or effecting a low-value life insur- ance policy.
(3) (2) A relevant service to which this subclause applies is exempt from sections 16(2) and (3) and 24(2) and (3) of the Act.
For the purposes of section 14(d) of the Act and in relation to low-value life insurance policies, the following circumstances are specified as circumstances in which standard customer due diligence must be conducted: (a) the first or only payment under a low-value life insur- ance policy has become payable to a customer; and 13 r 20 (4) Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Regulations 2011 Reprinted as at 1 December 2014 (b) by reason of the exemption granted by subclause (2), none of the actions described in sections 16(2) and (3) and 24(2) and (3) of the Act has been taken in respect of the customer.
For the purposes of this regulation,— consumer credit insurance means insurance cover in the event of the insured’s disability or death or the insured contracting a sickness, sustaining an injury, or becoming un- employed, if the liability of the insurer is to be determined by reference to the liability of the insured under a credit contract or a consumer lease low-value life insurance policy means a life insurance policy that meets 1 or more of the following criteria: (a) a regular premium policy with premiums not more than $1,500 per annum: a single premium policy where the premium is not more than $3,000: a contract of consumer credit insurance.
(b) (c) 20 (1) Relevant services provided in respect of certain superannuation schemes Subclause (2) applies to a relevant service provided in respect of promoting, facilitating, or effecting the membership of a person in a superannuation scheme, KiwiSaver scheme, or workplace savings scheme if the person’s membership is fa- cilitated, or to be facilitated, through his or her employer.

(2) A relevant service to which this subclause applies is exempt from sections 16(2) and (3) and 24(2) and (3) of the Act.
For the purposes of section 14(d) of the Act and in relation to eligible superannuation schemes, KiwiSaver schemes, and workplace savings schemes, the following circumstances are specified as circumstances in which standard customer due diligence must be conducted: (a) (3) the first payment under an eligible superannuation scheme, KiwiSaver scheme, or workplace savings scheme has become payable to a customer; and by reason of the exemption granted by subclause (2), none of the actions described in sections 16(2) and (3) (b) 14 Reprinted as at 1 December 2014 Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Regulations 2011 r 20A and 24(2) and (3) of the Act has been taken in respect of the customer.
(4) [Revoked] Regulation 20(1): amended, on 1 December 2014, by regulation 5(1) of the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2014 (LI 2014/323).

Regulation 20(3): amended, on 1 December 2014, by regulation 5(2) of the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2014 (LI 2014/323).
Regulation 20(3)(a): amended, on 1 December 2014, by regulation 5(3) of the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2014 (LI 2014/323).

Regulation 20(4): revoked, on 1 December 2014, by regulation 5(4) of the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2014 (LI 2014/323).
20A Relevant services provided in respect of certain employer superannuation schemes (2) (1) A relevant service provided in respect of promoting or operat- ing a limited employer superannuation scheme or a specified restricted scheme is exempt from all of the provisions of the Act.
In this regulation,— associated person has the same meaning as in section 12(1) of the Financial Markets Conduct Act 2013 complying superannuation fund and Crown contribution have the same meanings as in section 4(1) of the KiwiSaver Act 2006 employer superannuation scheme means a superannuation scheme, KiwiSaver scheme, or workplace savings scheme that— (a) is promoted by 1 employer and admission to the mem- bership of which is conditional on either or both of the following: (i) being an employee of that employer or an em- ployee of an associated person of that employer: being a relative, spouse, civil union partner, de facto partner, or dependant of a person who is an employee of that employer or an employee of an associated person of that employer; or (ii) 15 r 20A (b) Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Regulations 2011 Reprinted as at 1 December 2014 is closed to new members and that was promoted only by— (i) (ii) 1 employer; or 1 employer and 1 or more associated persons of that employer limited employer superannuation scheme means an em- ployer superannuation scheme under which— (a) the nature of the contributions to the scheme and the quantum of those contributions, or the manner of calcu- lating that quantum, are provided for in the trust deed that governs the scheme: the only kinds of contributions that may be made to the scheme are— (i) (ii) (iii) contributions made by members and employers: transfers from other superannuation schemes: in the case of a complying superannuation scheme, Crown contributions: (b) (c) (d) the contributions payable by each member who is an employee and the contributions payable by the employer for that member are both determined by a percentage of that member’s salary or wages, except where the scheme operates on the principle of unallo- cated funding: the employer deducts the contributions payable by members who are employees from their salaries or wages and, when the employer’s own contributions become payable, pays those members’ contributions with the employer’s contributions into the scheme’s bank account or to the scheme’s administrator specified restricted scheme means a KiwiSaver scheme that is specified in section 61 of the KiwiSaver Amendment Act 2011.
Regulation 20A: inserted, on 30 June 2013, by regulation 10 of the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2013 (SR 2013/231).

Regulation 20A(2) associated person: amended, on 1 December 2014, by regu- lation 6(1) of the Anti-Money Laundering and Countering Financing of Terror- ism (Exemptions) Amendment Regulations 2014 (LI 2014/323).
amended, on Regulation 20A(2) employer superannuation scheme: 1 December 2014, by regulation 6(2) of the Anti-Money Laundering and 16 Reprinted as at 1 December 2014 Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Regulations 2011 r 23 Countering Financing of Terrorism (Exemptions) Amendment Regulations 2014 (LI 2014/323).

21 (1) (2) (3) subpart 2 of Part 2; and Securities registry services This regulation applies to securities registry services.
Securities registry services are exempt from the provisions of the Act except— (a) (b) where the transaction is relevant to a suspicious trans- action report, section 49(1) and (2)(a) to (f); and sections 92 to 100.
(c) For the purposes of this regulation, securities registry ser- vices means the provision of registry and management ser- vices to an issuer or collective investment scheme, including the maintenance of a securities register, the recording of secur- ities transfers, and administrative services in relation to corpo- rate actions or general funds management.
Debt collection services 22 (1) Debt collection services are exempt from the provisions of the (2) 23 subpart 2 of Part 2; and Act other than— (a) (b) where the transaction is relevant to a suspicious trans- action report, section 49(1) and (2)(a) to (f); and sections 92 to 100.

(c) For the purposes of this regulation, debt collection services means the collection of debt by a person other than the creditor to whom it is owed or, where it has been assigned, to whom it was originally owed.
Relevant services provided in respect of overseas pension bank accounts A relevant service provided in respect of a special bank ac- count within the meaning of the Social Security (Alternative Arrangement for Overseas Pensions) Regulations 1996 is ex- empt from sections 14 to 26 of the Act.

Regulation 23: replaced, on 30 June 2013, by regulation 11 of the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2013 (SR 2013/231).
17 r 24 24 (1) Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Regulations 2011 Reprinted as at 1 December 2014 Relevant services provided in respect of trust accounts or client funds accounts This regulation applies to the provision by a reporting entity (A) of an account that is used as a trust account or client funds account in respect of which all of the following apply: (a) the account is held by a customer (B) who is another re- porting entity or a person subject to the Financial Trans- actions Reporting Act 1996: (c) (b) A has taken reasonable steps to satisfy itself that the ac- count is being operated for legitimate and professional purposes and not to obscure the beneficial ownership of the account: A has a written agreement with B that B will, on request, produce to A the information relating to the names and dates of birth of the clients whose funds are held in the trust account or client funds account (the clients) and the means of verifying that information.
(2) A is, in relation to those clients, exempt from sections 11(1)(b) and 16(1)(b) of the Act.

For the purposes of this regulation, trust account or client funds account means an account or other arrangement for the purpose of holding funds that belong to more than 1 client of a reporting entity or person subject to the Financial Transactions Reporting Act 1996.
Regulation 24 heading: amended, on 30 June 2013, by regulation 12(1) of the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2013 (SR 2013/231).

Regulation 24(1): amended, on 30 June 2013, by regulation 12(2) of the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2013 (SR 2013/231).
Regulation 24(1)(c): amended, on 30 June 2013, by regulation 12(3) of the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2013 (SR 2013/231).

Regulation 24(3): amended, on 30 June 2013, by regulation 12(4) of the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2013 (SR 2013/231).
Revocations Consequential revocations The following regulations are revoked: (3) 25 18 Reprinted as at 1 December 2014 Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Regulations 2011 (a) (b) the Financial Transactions Reporting (Interpretation) Regulations (No 2) 1997 (SR 1997/366): the Financial Transactions Reporting (Interpretation) Regulations 2008 (SR 2008/309).

Rebecca Kitteridge, Clerk of the Executive Council.

Issued under the authority of the Legislation Act 2012.
Date of notification in Gazette: 30 June 2011.

19 Notes Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Regulations 2011 Reprinted as at 1 December 2014 Reprints notes 1 2 3 General This is a reprint of the Anti-Money Laundering and Counter- ing Financing of Terrorism (Exemptions) Regulations 2011 that incorporates all the amendments to those regulations as at the date of the last amendment to them.
Legal status Reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by any amendments to that enactment.

Section 18 of the Legislation Act 2012 provides that this reprint, published in electronic form, has the status of an official version under section 17 of that Act.

A printed version of the reprint produced directly from this official electronic version also has official status.
Editorial and format changes Editorial and format changes to reprints are made using the powers under sections 24 to 26 of the Legislation Act 2012.

See also http://www.pco.parliament.govt.nz/editorial-conven- tions/.
4 Amendments incorporated in this reprint Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2014 (LI 2014/323) Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70): section 150 Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2013 (SR 2013/231) 12 20 Wellington, New Zealand: Published under the authority of the New Zealand Government—2014